Mumbai: The markets are trading with a negative bias on the opening bell. Weak global cues and the forthcoming Index Industrial Production (IIP) numbers are making the markets jittery.
At 0956 hrs IST, the Sensex went down 157 points to 9,682 and the Nifty fell 50 points to 2,888.
All the sectoral indices are trading in red. Realty was down over 5 per cent. Suzlon Energy, ONGC, Cairn India, Jaiprakash Associates, GVK Power are under pressure.
Asian markets were trading lower. Hang Seng slipped 2.6 per cent, Taiwan Weighted, Nikkei, Seoul Composite, Straits Times was down over 1 per cent, Shanghai Composite declined.
US markets dropped for the second day as a deteriorating outlook for American industry and oil's drop below $59 signaled that the economic slump may deepen.
General Motors tumbled to the lowest price since 1943 as the automaker crept closer to bankruptcy. Hartford financial services slid 23 per cent after Goldman Sachs said investment losses may force insurers to raise more capital and threaten credit ratings.
The Dow Jones industrial average lost 176.58 points, or 1.99 per cent, to 8,693.96. The S&P 500 index slipped 20.26 points, or 2.20 per cent, to 898.95, and the Nasdaq composite index plunged 35.84 points, or 2.22 per cent, to 1,580.90.
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